Electronic Arts launches tender offer for Take-Two
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Electronic Arts on Thursday launched a tender offer for rival video game maker Take-Two Interactive at $26 a share, indicating its $2 billion bid is turning hostile. EA’s tender offer will expire at midnight on April 11, but could be extended. Take-Two’s annual meeting is scheduled for April 10.
“We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two,” EA Chief Executive John Riccitiello said in a statement. Take-Two Chairman Strauss Zelnick has said the bid was “the wrong price and the wrong time,” arguing that EA was trying to buy his company on the cheap just before the April 29 launch of “Grand Theft Auto 4.”
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